Which of the following statements is true of the European Union (EU)?
A) All issues have to be passed unanimously by the EU members to be enforced.
B) Every country in the European Union has adopted the euro as its monetary unit.
C) Custom duties have been removed among member nations of the European Union.
D) Custom tariffs have been removed for trade between the EU and the rest of the world.
C
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Audit firm portfolio management decisions are not important in achieving audit quality
a. True b. False Indicate whether the statement is true or false
Identify which of the following statements is true.
A. A subsidiary corporation is prevented from recognizing gain or loss when transferring property to its parent corporation in satisfaction of an indebtedness it owes to the parent corporation as part of its complete liquidation. B. Nonrecognition of gain or loss rules apply to a subsidiary corporation when, pursuant to its complete liquidation, the subsidiary transfers property to a third-party creditor. C. The Sec. 332 nonrecognition rules apply to the parent corporation when a subsidiary corporation transfers property to the parent corporation in payment of the subsidiary's debt obligation. D. All of the above are false.
CashCow Inc is all equity financed and generates perpetual annual EBIT of $100. Assume that the EBIT, and all other cash flows, occur at year end and that we are currently at the beginning of a year
CashCow has 150 shares outstanding and shareholders require a return of 10%. CashCow hires a new CEO, a Mr. Cowslowski, who spends 10% of EBIT on parties, houses and yachts. Assume that this spending is expected to continue in perpetuity. What price will the shares trade at after Mr. Cowslowski is hired? The tax rate is 40%. A) $3.20 B) $3.40 C) $3.60 D) $3.80 E) $4.00
Which one of the following statements best describes "per diem."
A) An amount of money determined by the organization it will pay per traveling employees based on their total expenses B) An amount of money determined by the organization it will pay as a percent of the expenses incurred per day to traveling employees C) An amount of money determined by the organization it will pay per day to traveling employees for expenses; the organization may or may not require receipts to be submitted D) An amount of money determined by the organization it will pay per category of expense to traveling employees for expenses incurred